The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is publishing additional details on the selection of Consolidated Tapes Providers (CTPs) for bonds and for shares and Exchange-Traded Funds (ETFs).
ESMA will launch the selection procedure for the CTP for bonds on Friday 3 January 2025. This is the first working day for EU Institutions after Sunday 29 December 2024, the date set out in Article 27da(1) of MiFIR. ESMA intends to adopt a reasoned decision on the selected applicant within 6 months of the launch, i.e. by early July 2025.
In June 2025, ESMA will launch the selection procedure for the CTP for shares and ETFs with the objective to adopt a reasoned decision on the selected applicant by the end of 2025.
Each selection procedure will be launched with the publication of a contract notice and procurement documents on the EU Funding & Tenders Portal. Prospective applicants are invited to register and familiarise themselves with the Portal. In the coming weeks, ESMA intends to share additional guidance on the assessment of exclusion criteria.
ESMA will be available to answer questions throughout the application periods. Applicants will be granted as much time as possible, within the boundaries of EU procurement rules, to provide details on their projects.
Today’s announcement on the launch dates of the first selection procedures for the CTP for bonds and equities aims to foster a successful competition with multiple solid offers in transparent and fair selection procedures.
Background
The Markets in Financial Instruments Regulation (MiFIR) sets out the timelines to initiate and conclude the selection procedures for CTPs. Article 27da(1) of MiFIR foresees the initiation of the first selection procedure for bonds by 29 December 2024, and the initiation of the first selection procedure for shares and ETFs within six months of the initiation of the selection procedure for bonds.
The selection procedures for CTPs will be subject to the rules applicable to concession contracts, as laid down in the Financial Regulation (Regulation (EU, Euratom) 2018/104636), which prescribes the steps and timelines to follow.
In May 2024, ESMA published a Consultation Paper on draft technical standards related to the CTPs and on the specifications of the assessment criteria for the CTP selection procedure.
In December 2024, prior to the launch of the first selection procedure, ESMA will publish a feedback statement on this Consultation Paper, including the final draft technical standards that will be submitted to the European Commission.
